On 15 July 2024, the National Securities Commission (CNV) issued General Resolution No. 1009/2024 inviting the public to express their opinions and/or proposals regarding the adoption of a regulation on the private offering of marketable securities considering the text proposed by the CNV.
On 5 July 2024, the Argentine Central Bank issued Communication “A” 8059, introducing amendments applicable to the payment of interest on commercial and financial debt between related counterparties, to the extent that certain requirements set forth in the regulation are met.
On 15 May 2024, the National Securities Commission (CNV) issued General Resolution No. 1002/2024 (“Resolution”), modifying the regime applicable to promotion and advice within the framework of the public offering of securities.
On 25 March 2024, the National Securities Commission (CNV) issued General Resolution No. 994/2024, which regulates the Registry of Virtual Asset Service Providers in line with the provisions of Section 38 of the recently amended Law No. 25246 (“Law”). This Law had incorporated virtual asset service providers (VASPs) as AML/FT-regulated entities.
On 14 March, the amendments to the Law on the Prevention of Money Laundering and Financing of Terrorism (Law 27,739) were approved. They implement changes and updates to adjust local regulations to international standards and the recommendations of the Financial Action Task Force (GAFI).
Argentina is currently undergoing a GAFI/GAFILAT review and evaluation process. In that sense, Law 27,739 was promoted by the Financial Information Unit (UIF) to introduce more tools to combat organized crime, promote compliance with obligations of the private sector and address key aspects that emerged from the GAFI/GAFILAT mutual evaluation.
On 6 February 2024, the Argentine National Securities Commission (Comisión Nacional de Valores) issued General Resolution No. 990/2024 to modify the current restrictions on trading with marketable securities when using Bonds for the Reconstruction of a Free Argentina (BOPREAL).
On 8 January 2024, the Financial Information Unit (UIF for its Spanish abbreviation) issued Resolution No. 1/2023, establishing minimum requirements for the identification, evaluation, monitoring, management, and mitigation of money laundering and terrorist financing risks applicable to persons or legal entities that perform remittances within and outside Argentina. The Resolution is aligned with prior resolutions issued by the UIF for other regulated entities. Accordingly, the Resolution changes the approach from formal regulatory compliance to a risk-based approach.
As another year of uncertainty and disruption draws to a close, our Baker McKenzie Financial Institutions lawyers look ahead at the potential disruptors impacting the industry in 2024, all against a background of economic and geopolitical risk.
Our report, 2024: What’s on the Radar for Financial Institutions?, gives an overview of the challenges facing the sector, drawing on our three risk radars, one for each of the forces that are transforming the financial sector.
On 30 November 2023, the Argentine Central Bank issued Communication “A” 7901, which introduces amendments to the regime for foreign exchange dealers, including limits for the sale of foreign currency to entities authorized to operate in foreign exchange and to related customers, as well as new obligations for foreign exchange dealers.
On 30 November 2023, the Central Bank of Argentina issued Communication “A” 7905, extending the effective date of certain modifications to the National Payments System related to immediate debit and the interoperability of credit card payments through Quick Response codes.